Preliminary gross domestic product (GDP) was revised downward 0.7 percentage point from the advance estimate; it fell at a 1.1% annualized rate in 2001:IIIQ. The preliminary estimate of personal consumption growth was positive but slightly lower than the advance estimate; it grew at a paltry 1.1%, less than half its growth rate for 2001:IIQ. Business fixed investment fell 9.3%, although that figure represented an upward revision of more than 2.5 percentage points from the advance estimate. Changes in private inventories contributed –0.8 percentage points to real GDP growth. For 2001:IIIQ, growth in both residential investment and government spending was weaker than the last year. The trade balance deteriorated further: Although the drop in imports was steep, the slide in exports exceeded it by nearly 5 percentage points.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-12, pp. 10-11, 12.01.2001.